本文選題：ST公司　切入點(diǎn)：重組模式　出處：《武漢理工大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：資產(chǎn)重組作為企業(yè)提高經(jīng)營(yíng)效率和綜合競(jìng)爭(zhēng)力的一種重要方式,近年來(lái)一直是專家學(xué)者的研究熱點(diǎn)之一。隨著我國(guó)證券市場(chǎng)的不斷發(fā)展,上市公司的重組活動(dòng)越老越多,不論是重組次數(shù)還是重組金額都已經(jīng)達(dá)到了很大規(guī)模,重組方式也是層出不窮。特別是1998年證監(jiān)會(huì)推出特別處理制度以來(lái),ST公司便成為了資產(chǎn)重組的主體,是資本市場(chǎng)上備受關(guān)注的焦點(diǎn),越來(lái)越多的ST公司試圖通過(guò)資產(chǎn)重組進(jìn)行資源整合,使公司擺脫經(jīng)營(yíng)困境,達(dá)到摘帽保牌的目的。但ST公司通過(guò)資產(chǎn)重組是否可促進(jìn)股東財(cái)富增加、改善公司財(cái)務(wù)績(jī)效,目前的研究并未達(dá)成共識(shí)。本文將從國(guó)內(nèi)外關(guān)于ST公司資產(chǎn)重組的理論和實(shí)證研究的出發(fā),探討資產(chǎn)重組對(duì)ST公司重組績(jī)效的影響狀況,并對(duì)不同的重組方式對(duì)公司績(jī)效的影響進(jìn)行了比較研究。研究的目的是對(duì)ST公司的重組績(jī)效進(jìn)行客觀公平的評(píng)價(jià),為提高ST公司的重組績(jī)效提供建議,為ST公司重組模式的選擇提供參考。 本文通過(guò)理論和實(shí)證研究,從市場(chǎng)績(jī)效和財(cái)務(wù)績(jī)效兩個(gè)角度對(duì)ST公司不同重組模式對(duì)重組績(jī)效的影響展開(kāi)研究。研究?jī)?nèi)容主要包括以下幾個(gè)部分：第一章為緒論,主要闡述本文研究的背景和意義,分析國(guó)內(nèi)外的研究現(xiàn)狀,對(duì)ST公司重組績(jī)效的國(guó)內(nèi)外研究成果進(jìn)行綜述,并介紹本文研究的主要內(nèi)容和方法等。第二、三章是理論研究部分,主要是介紹ST公司重組及重組績(jī)效的理論基礎(chǔ),并對(duì)ST公司資產(chǎn)重組現(xiàn)狀與問(wèn)題進(jìn)行分析。第四章是實(shí)證研究,也是本文的核心部分。主要是對(duì)ST公司資產(chǎn)重組的市場(chǎng)績(jī)效和財(cái)務(wù)績(jī)效分析,首先對(duì)研究方法和樣本選取進(jìn)行了介紹,然后選取2008年進(jìn)行資產(chǎn)重組的35家ST公司為樣本,采用事件分析法和財(cái)務(wù)分析法對(duì)ST公司重組的市場(chǎng)績(jī)效和財(cái)務(wù)績(jī)效進(jìn)行了實(shí)證分析。第五章主要是針對(duì)前文的理論與實(shí)證研究,提出改善ST公司資產(chǎn)重組績(jī)效的對(duì)策與建議。第六章是結(jié)論部分,主要是對(duì)本論文研究的總結(jié)。 本文的研究結(jié)論為：總體看來(lái),資產(chǎn)重組可給ST公司的股東帶來(lái)一定的超額收益,也能在一定程度上改善公司的財(cái)務(wù)績(jī)效；從分類(lèi)研究來(lái)看,不同的重組模式對(duì)ST公司市場(chǎng)績(jī)效和財(cái)務(wù)績(jī)效的影響程度與影響角度有所不同；ST公司的資產(chǎn)重組績(jī)效往往缺乏持續(xù)性。
[Abstract]:As an important way for enterprises to improve their management efficiency and comprehensive competitiveness, asset restructuring has been one of the hot research topics of experts and scholars in recent years. With the continuous development of China's securities market, the reorganization activities of listed companies become more and more. Both the number of times of reorganization and the amount of reorganization have been achieved on a very large scale, and the reorganization methods have been emerging in endlessly. Especially since the introduction of the special treatment system by the Securities Regulatory Commission in 1998, St companies have become the main body of the reorganization of assets. It is the focus of attention in the capital market. More and more St companies try to integrate their resources through asset restructuring to get the company out of the business predicament. But whether St company can promote shareholder wealth and improve financial performance through asset restructuring, The current research has not reached a consensus. This paper will discuss the impact of asset restructuring on the performance of St company restructuring from the theoretical and empirical research on St company restructuring at home and abroad. The purpose of the study is to evaluate the restructuring performance of St company objectively and fairly, and to provide suggestions for improving the restructuring performance of St company. For St company restructuring model selection to provide a reference. Through theoretical and empirical research, this paper studies the impact of different restructuring models on restructuring performance of St companies from the perspectives of market performance and financial performance. The research content includes the following parts: chapter one is introduction. This paper mainly describes the background and significance of this study, analyzes the current research situation at home and abroad, summarizes the domestic and foreign research results of St company restructuring performance, and introduces the main contents and methods of this study. It mainly introduces the theoretical basis of St company reorganization and its performance, and analyzes the current situation and problems of St company asset restructuring. Chapter 4th is an empirical study. It is also the core part of this paper. It mainly analyzes the market performance and financial performance of St company asset restructuring. Firstly, it introduces the research method and sample selection, then selects 35 St companies which carry out asset restructuring in 2008 as the sample. This paper uses event analysis and financial analysis to analyze the market performance and financial performance of St company restructuring. Chapter 5th mainly focuses on the previous theoretical and empirical research. Chapter 6th is the conclusion, which is the summary of this paper. The conclusions of this paper are as follows: in general, asset restructuring can bring certain excess income to St company shareholders, but also can improve the financial performance of the company to a certain extent. Different restructuring modes have different influence on St company's market performance and financial performance.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F271;F832.51;F224

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